The global Biohacking Market is estimated to be valued at US$ 15755.29 Million in 2022 and is expected to exhibit a CAGR of 17% over the forecast period 2021 –2028, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Biohacking refers to the practice of conducting experiments on one’s own biology towards the goal of self-improvement or extending human capabilities and health spans. Biohacking products like wearable devices help monitor and optimize biological parameters like brain activities, heart rate, sleep cycles etc. Use of such products enables individuals to take control of their own healthcare needs.
Market key trends:
One of the major trends witnessed in the global biohacking market is the increasing popularity and adoption of wearable biohacking devices. Continuous monitoring and data collection using wearable devices like smartwatches, brain monitoring headbands etc. allow users to have a better insight into their own body and physiology. Many such products focus on tracking parameters like brain waves, heart rate variability, body temperature and other biomarkers which gives individuals deeper understanding of factors affecting their wellbeing. Rising health awareness coupled with availability of low-cost wearable options is expected to drive the demand for biohacking wearables over the forecast period.
Market key trends:
The biohacking industry has seen rapid development in wearable brain-computer interface technologies such as brain stimulation headbands and neural implants. These allow for direct mental control of digital devices and even bodily functions through thought alone. While still in their early stages, such invasive and non-invasive brain-computer interfaces are gaining popularity among self-experimenters and showing promise for medical applications such as treating neurological disorders. Additionally, emerging nootropic supplements and gene therapies that can potentially enhance human intelligence and cognitive abilities are attracting much interest from biohackers seeking to optimize their own biology.
SWOT Analysis
Strengths: Biohacking encourages experimentation that drives technological innovation. It promotes self-empowerment through data collection and biology optimization.
Weaknesses: Safety issues due to lack of regulation and oversight of risky do-it-yourself procedures. Ethical concerns regarding human enhancement and risks of legal/health problems.
Opportunities: Potential medical applications of new brain-computer interface and gene therapies. Commercial opportunities for companies developing personalized health tech and supplements.
Threats: Strict regulations imposed that limit self-experimentation activities. Rising security and privacy issues from internal body devices being hacked.
Key Takeaways
The global Biohacking Market Share is expected to grow at a CAGR of 17% until 2028 to reach a value of USD 15,755.29 million driven by increasing interest in human augmentation and focus on quantified-self movement.
North America currently dominates the market owing to high adoption of early-stage biohacking techniques among individuals and a growing ecosystem of start-ups working in the field. The presence of leading players such as Thync and HVMN has propelled the regional market.
Key players operating in the biohacking market include Thync Global Inc., Apple Inc., HVMN, Synbiota, MoodMetric, THE ODIN, and Fitbit, Inc. Companies are focusing on developing non-invasive brain-computer interface devices and biosensors to track internal biomarkers. Furthermore, they are engaged in research for nootropic supplements and pharmacogenetic therapies for applications ranging from intelligence enhancement to treating medical conditions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it